Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a corporation was formed on january 1. the corpora

A corporation was formed on January 1. The corporate charter authorized 180,000 shares of $10...

80.2K

Verified Solution

Question

Accounting

image
A corporation was formed on January 1. The corporate charter authorized 180,000 shares of $10 par value common stock. During the first month of operation, the corporation issued 280 shares to its attorneys in payment of a $3,500 charge for drawing up the articles of incorporation. The entry to record this transaction would include: A debit to Organization Expenses for S4.000. O A debit to Contributed Capital in Excess of Par Value, Common Stock, for $2.800 O A credit to Common Stock for $3,500 O A credit to Contributed Capital in Excess of Par Vakue, Common Stock, for $3.500. O A debit to Organization Expenses for $3,500 MacBook 5 6 7 8

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Analysts use both asset valuation and future sales growth as indicators of current stock values. Describe...

Accounting
Q

Samples of computers are taken from two county library locations and the number of internet tracking...

Basic Math
Q

An architect wants to draw a rectangle with a diagonal of 25 millimeters. The length...

Basic Math
Q

The data in the accompanying table represent the total rates of return in percentages for...

Statistics
Q

Please read the question carefully (especially the amount), it's different from other similar questions. Will...

Accounting
Q

Exercise 8-19 Accounts receivable turnover and days' sales uncollected LO5 The following information was taken...

Accounting
Q

3. Canada Capital Company uses a job-order costing system. The following data relate to October,...

Accounting
Q

At December 31, 2020, Shamrock Corporation has a deferred tax asset of $204,000. After a...

Accounting
Q

On 1 January 2017, VMS Bhd, owns 50% of JV Sdn. Bhd., the joint venture....

Accounting
Q

QUESTION FOUR (100 Marks) There are several accounting software packages that are used by different...

Accounting
Q

The following summary transactions occurred during the year for Marigold. Required: Calculate net cash...

Accounting
Q

PLEASE ANSWER A B E ONLY SECOND PART Gamma Corporation currently has 10 million...

Finance